U.S. Steel and Nippon Steel filed a separate lawsuit in the U.S. Court of Appeals in Washington, D.C., against the Biden administration to overturn the order and force a new review that could potentially lead to the deal. The Pittsburgh suit against Cliffs and McCall doesn't have any bearing on that decision.
If Cleveland-Cliffs is able to acquire US Steel, its CEO says the headquarters of the new entity would be in Pittsburgh, not Cleveland.
The bid by Japan's Nippon Steel to buy U.S. Steel may have a new lease on life after the Biden administration extended a deadline for the Japanese steelmaker to abandon plans to acquire the storied Pittsburgh company after President Joe Biden blocked the deal.
President Joe Biden’s decision to block Nippon Steel’s acquisition of US Steel will go down as one of the worst of his presidency, and will tarnish
A Nippon Steel executive condemned President Joe Biden for blocking the company’s purchase of U.S. Steel. After Biden blocked the purchase on Jan. 3, the company sued the U.S. government.
In the wake of President Joe Biden blocking Nippon Steel's bid to buy U.S. Steel, Cleveland-Cliffs has renewed its offer to become the new owner of the once-mighty steel giant.
U.S. Steel ( X 0.41%) has been in the news for months since Japan's Nippon Steel made a generous offer for the iconic American steelmaker. Nippon's $14.9 billion bid in late 2023 represented a nearly 40% premium to U.S. Steel's share price at the time.
Ropes & Gray, Milbank and Wachtell, Lipton, Rosen & Katz all advised on the $14 billion acquisition. They're joined in two federal lawsuits filed in Washington, D.C., and Pittsburgh by attorneys from Reed Smith and K&L Gates as well as Mayer Brown.
Put together, U.S. Steel’s Man Valley Works plants are the largest single source of air pollution in the Pittsburgh region. Their fate, and 3,000 jobs, remain uncertain.
The move by Cleveland-Cliffs comes after the Biden administration blocked the U.S. Steel-Nippon tie-up on national security grounds.
Ohio-based steelmaker Cleveland-Cliffs accused rival U.S. Steel of trying to silence Cliff’s irrepressible CEO Lourenco Goncalves on Friday during a hearing in a lawsuit that alleged a conspiracy between the United Steelworkers union and Cliffs aimed at disrupting U.S. Steel’s $14.9 billion sale to Nippon Steel.
In November, graduate student workers voted to unionize with the United Steelworkers following longstanding concerns about low stipends, expensive health insurance and a lack of protections against discrimination.